Wells-Fargo and other banks are profiting by foreclosing and reselling Cabot-Koppers Superfund site contaminated properties, in Gainesville Florida. Wells-Fargo covers up all evidence of contamination before the resale and does not disclose to the new buyer despite Florida law requiring them to do so.

According to their mission statement, “Wells Fargo’s ongoing respect for human rights reflects our vision and values. This effort is done with the understanding that in some circumstances we may go above and beyond what the law and industry standards require. We are dedicated to corporate social responsibility and strive to uphold human rights in all our business activities.”

Ignoring this mission statement and families‘ pleas for assistance out of Gainesville Koppers Arsenic-Dioxin-PAH contaminated homes, Wells-Fargo forecloses on the dangerous properties, continuing their pattern of discriminatory mortgage lending practices. This happens even when attorneys for the residents provide test results of the contamination inside their houses. With the toxic cocktail that tests have fingerprinted to the Koppers Superfund site, some of these homes are more contaminated than a meth house.

The Stephen Foster Neighborhood in Gainesville Florida is subject to an ongoing cycle of exodus and repopulation. When a generation of residents experiences the health effects of toxic exposure and learns about the superfund contamination that banks and realtors failed to disclose to them. Population and property values plummet as homeowners abandon toxic homes to protect their families. Lured by cheap home sales, low income families and rental investors repopulate the neighborhood after banks foreclose and resell the dangerous homes without disclosing the Koppers Superfund Site or the indoor contamination of the surrounding communities.

Because residents are gathering at onsite auctions to protest the resale of highly contaminated homes, banks like Wells-Fargo are resorting to the new tactic of online auctions and live auctions in cities far from where properties are actually located, to shut out the public outcry. Case in point, a before and after of the above property which is one of the most highly contaminated residences in the neighborhood, auctioned off by Wells Fargo with no disclosure as required by Florida law.

The Gainesville City Attorney’s recommendation to homebuyers who have unwittingly purchased a Koppers contaminated home without disclosure is to take legal action and file suit as soon as possible to protect your family.

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